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Transactions

Overview

Liberty Health Sciences Announces $372 Million Strategic Acquisition by Ayr Strategies

December 22, 2020

Liberty Health Sciences Inc. (CSE:LHS) today announced that it has entered into a definitive agreement with Ayr Strategies Inc. (CSE:AYR.A) pursuant to which AYR will acquire all of the issued and outstanding shares of LHS in an all-share transaction for total consideration of approximately $372 million on a fully-diluted basis, subject to adjustment in certain circumstances.

Cormark Securities Inc. provided an independent fairness opinion to the board of directors of LHS in connection with the transaction. Wildeboer Dellelce LLP acted as legal counsel to Cormark Securities with a team comprised of Perry Dellelce, Al Wiens and Michael Rennie (corporate/securities).

LHS is an integrated "seed-to-sale" company that provides medical cannabis products to patients throughout the State of Florida. AYR is a vertically-integrated, U.S. multi-state cannabis operator (MSO) that cultivates and manufactures branded cannabis products for distribution through its network of retail outlets and through third-party stores. The combined company is expected to have operations in seven states (Nevada, Massachusetts, Florida, Pennsylvania, Arizona, Ohio and New Jersey), and positions AYR as a top-tier U.S. MSO.

Full details can be found here.